Smart street

Based on Vienna’s example, 11 thematic streets are planned to be developed in the Hungarian capital, where business communities will be established and coordinated by the Management of Thematic Streets (BUM). The development will concern Bartók Béla Boulevard, Falk Miksa Street, and Ráday Street.

According to the vision of the smart streets project, shopping streets will boom, empty shop windows will disappear, while cooperation between entrepreneurs will become more efficient.

Information transfer is of key importance in the capital’s smart economy; therefore, Budapest’s smart street development will be realised accordingly. The aim of the coordinating non-profit management company – controlled by the Budapest Chamber of Commerce – is to create efficient cooperation among business communities within shopping and thematic streets, based on Vienna’s example.

“The vision of Smart Street is not to provide a new service for entrepreneurs and the general public. We would like to change the traders’ mindset in the long term. A smart economy in Budapest can only be achieved if traders are encouraged to share information. In order to realise this, thematic streets would be a perfect solution; furthermore, in some streets, cooperation is already working well,” reported Attila Antal, Director of BUM Nonprofit Ltd.

As Hungarian news portal Origo reports, the expert also emphasised that IT development is not the most important element in the establishment process. The basis of a smart economy is effective cooperation and information transfer. He also added that in Budapest, 1 shopping street gives place to 5 shopping malls while in Vienna, 1 shopping mall involves 8 shopping streets. According to the director of BUM, this is one more argument in favour of thematic streets, which can bring Budapest closer to Vienna in the field of tourism and liveability.

“A perfect example of economic cooperation within a street is Bartók Béla Boulevard, which has become one of the world’s top 50 quarters within the last five years.”

“Developments have key importance here as well; however, it perfectly shows that by entrepreneurs’ cooperation, joint events, and efficient management, successful results can be achieved, not only in fame but financially as well,” commented Attila Antal.


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